Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1887-11-29
FARM MORTGAGES IN THE VEST.
Who Own the Country and Where It Is
Owed.
New Orleans Tlmes-Democrat,

Now Or cans IlmeSsDem0crat,
1t is customary to call attention to the
fact that the farmers and planters of the
south are heavily in debt, and to cite this
as evidence that agriculture here is badly
managed, Improbable and decsying. We
have already noted The condition of the
farmers in New E lgland; it is equally in
teresting to STUDY their condition in the
western states, where the mortgage is
quite as prevalent as it is he e.
The report Of the bank examiner of
New Hampshire bears startling evidence
TO this effect, and shows how large por-
ton of the west is owned in New En-
gland. According to that report, the saw
ings banks of New Hampshire alone hold
$l9 500, $50 in western form mortgages,
while the total mortgages on western
lands held by all the banks, insurance
companies and private citizens is estims-
one of the New England states and by no
means the richest or the largest holder of
western paper.
In the report Of the Bureau of Agricul-
ture, there are some very interesting fig
ures on this subject, some that are likely
TO surprise the western people. The bu-
| farms OF OAio are e1cumbered by mort
cages to secure debts to neighboring
| farmers and bankers and to eastern in
| surance companies and capitalists" OF
! Michigan the same report says: SIT is
estimated that one-fourth OF the farm
ers are mortgeged." In Indiana,
"the average Indebtedness or the
amounts for which mortgages ere given
by farmers is $1,000, and of the whole
amount So per cent. is held By eastern
capitalists " OF Illinois it is said:
"ProtsbIy SO per cent of the farmers are
in debt"-the debts drawing 6 to s Der
cent. interest and secured by mortgage.
"These mortgages are held mostly by
eastern capitalists, often by the repre-
sentatlves of large Insurance compan-.
les. The report on Missouri SAYS:
"About 20 TO % per cent. of our farms
are mortgaged." OF Kansas, il
says: cat least 80 per cent. of the
farms are mortgaged, mostly to loan
associations handling eastern capital.
There is scarcely q town of 500 inhabi-
tants that is not supplied with an agency
for eastern capitalists :"
These are but samples. All the other
states show equslly unsatisfactory re-
turns, end it is safe to say that one fourth
OF all the farms in the west are mort
Gagged, and that nearly all of these mort
cages are held in the east by
bsnks, insurance companies and
capitalists; and TO these. the western
farmers have to pay large tribute an
nuallV in interest. In this respect, the
southern states are better OF. They are
as heavily mortgage d, but certainly no
more so; but they owe the money to
their own people, the interest is paid
here in the south, and there is no t-ibute
to be paid out elsewhere. Whist is the
interest tribute the west is paying? The
value of farms in the twelve western
states is S5,l43 coo 600. one-half
of the value of Kansas farms
is owned in the east and
about one fourth of the farms in
these twelve western states Putting the
mortgage st minimum at 81 900, 100 900
the interest required to be paid is $50.
coo, 900 year, very heavy burden, and
which only very rich and fertile section
could stand Nor is this all the west pays,
for if to this be added the interest on the
state and county bonds held in the east
and the dividends on western railroads.
the annual western tribute TO New Eng
land and New York will be found to
amount to S260,c00,0 900 q year. The
south, it seems, is not so much worse of
than its neighbors after all. It's farmers
are in debt, but they sre slowly releasing
themselves from 1t, and are certainly not
burdened by this excessive tribute which
keeps the western farmers ever st work.
The southern mor'g cages were the result
of slavery, war and misrule; those in the
west have grown up in the midst of PROS
perity.